The Central Bank of Nigeria’s Monetary Policy Committee has raised the benchmark lending rate to 26.75 percent. Announced by CBN Governor Olayemi Cardoso after the 296th MPC meeting on Tuesday, this decision marks a continued effort to combat rising inflation.
This year alone, the MPC has increased rates by over 500 basis points, with the previous hike to 26.25 percent occurring in May. The move follows the National Bureau of Statistics’ report of a 34.19 percent inflation rate in June, up from 33.95 percent in May.
